ICICI Bank profit rises 21%; meets Q4 forecasts

Net interest income, or the difference between income earned and interest expended, rose 22% to nearly Rs3,803 crore. Photo: Mint

Updated: Fri, Apr 26 2013. 11 57 PM IST

Mumbai: ICICI Bank Ltd’s standalone net profit rose 21% in the fourth quarter, in line with expectations, thanks to an increase in net interest income.

Profit rose to Rs.2,304 crore, or Rs.19.87 per share, in the January-March period from Rs.1,902 crore, or Rs.16.46 per share, in the year earlier. Profit was in line with a Bloomberg estimate of Rs.2,301 crore.

Net interest income (NII), the difference between interest earned from loans and that paid for deposits, swelled by 22% to Rs.3,803 crore from Rs.3,105 crore. Other income slipped to Rs.2,208 crore from Rs.2,228 crore.

Advances rose 18%, slightly higher than the 16% increase in advances for the banking system.

ICICI Bank was down 2.87% at 3.10pm on the BSE, while the benchmark Sensex was down 0.73% and the Bankex declined 1.53%.